Dudley Council launches £1m business loan fund

DUDLEY Council is aiming to give the local economy a boost through the launch of a £1m loan fund.

The council has created the initiative in partnership with the Black Country Reinvestment Society (BCRS), to help offer financial support to small and medium-sized businesses in the borough.

The fund will offer loans from £10,000 to £50,000 and is open to companies with up to 250 employees and a turnover not exceeding £5m.

Repayment periods of one to five years can be agreed and there are no early repayment penalties.

Councillor Shaukat Ali, cabinet member for economic regeneration, said: “Small and medium-sized businesses play a vital role in the economy and accessing finance can be a big barrier to overcome in order for them to continue to grow and prosper.

“We anticipate there are around 9,000 businesses in the borough which are eligible for the fund.”

BCRS is a specialist not-for-profit lender that provides access to finance for small businesses through its small business loan funds.

Its chief executive, Paul Kalinauckas, said: “This fund will certainly help Dudley develop, grow and prosper.

“Small businesses are under the radar when it comes to access to finance, which is holding back their growth prospects. If they get turned down by the banks they can now come to us.”

Any Dudley business wishing to apply for a loan should contact BCRS on 0845 313 8410 or apply online at www.bcrs.org.uk